South Korea: Opening the Hermit Kingdom
December 2 2005
While the Korean defense market has grown dramatically over the past decade, it remains a notoriously difficult market for US defense providers. The Ministry of National Defense (MND) has continued to place hurdles in front of US and international companies, often requiring significant offset arrangements, technology licensing, or localized co-production. However, for those willing to accept the challenge the payout is becoming increasingly attractive. If current plans remain on track, the MND may accelerate top line spending by more than 30 percent by 2009. Few developed nations can match this growth rate and fewer still have committed to acquisition reform on the same scale.
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Author(s): Douglas Ramsey